The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1887-07-01
FURRY IN WALL STREET.

4 Rapid Decline In Stocks Almost Creates
. Fanic-HeAvy Losses bat NO Failures
Reported.
New YoIK. June 25-ln Wall street yes
terday morning there was . very unsteady
feeling which soon grew into An excitement
which reached its greatest height shortly
before noon and . veritable panic was de-
veloped. No attention was paid by brokers
to fractions in sales made BY them and the
fluctuations were so wild that sales were
from 5 to 10 per cent. apart. Stocks
bought near the opening were thrown over
when the break occurred and this feeling
complete iy demoralized spectators. The
marking down of loans and the de-
livery Of orders kept clerks and mes
sengers fully as busy as brokers,
anu the street was the scene Of more ex-
element than had been witnessed since
the panic in May. 1855. The greatest de.
cline reached were in Manhattan 40,< to
ZIG; Missouri Pacific, II to 49,: Cotton
seed, to 80: Richmond Terminal, "a to e
New England. s to 45z+, and Lake Erie and
Western, 5 to 53IS.
1t was understood that the break was
caused BY the report that Jay Gould was
dead and Western Union fell from - to Is,
but soon began recovering as it was known
that Gould was at his Office. Other stocks
followed fast and in ten minutes after noon
the furry seemed to be over, as the whole
list was moving up to its former figures,
thou ga money is tight and scarce at Z and
s per cent.
Between eleven and twelve O'Clock the
stock market was very active, and though
there was a slight rally, it was quickly
ended and the decline was renewed with
added force. The sensation Of the hour
was drop in Manhattan from l56,1 at the
opening and l53IS by eleven o'clock to no.
1t then recovered to 1870 and declined again
to rs. Fluctuations were no longer meas
ured by fractions in the general list, and
the losses for the hour ranged to 10 and II
per cent, Missouri Pacific being specially
prominent.
When delivery hour passed at the Stock
Exchange without bringing the announce
ments of any failures the street became
more confident and buying orders were
received from all sources.
The following review WAS issued by
Henry Clews 4 Co.: 1.-THE surge in the
market should not have been unexpected.
as every day for fortnight or more past
We are on record as predicting just such a
backset as Wall street has NOW met with
the effect will be beneficial. however, as it
will very likely prevent q more serious set
Element. II the day Of reckoning had been
deferred to the crop moving season instead
Of today further trouble must have re-
suited here and elsewhere. The stock
market, not unlike that of the wheat and
coffee markets, is likely to be more or less
dazed for several days to come, as q natu-
raj sequence Of to-day's shock. occasioned
by the heavy losses which innumerable
operators have met with. There are
too many cripples, we fear, left on the field
for the survivors to march over at q quick
active pace on the way to recuperatiou.
Still Wall street is going to stay Just where
it is and will survive this shock aud wit
ness many ups and downs in the future.
The way 70 make money is to catch the
fluctuations. There has undoubtedly been
for long time past lack Of fluctuations,
showing an unnatural market. Its slug
gishness has been due to that fact. When
stocks won't go up the next best thiAg is
to make them go down to insure activity.
They have just gone down."